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Torre headlines Hall of Fame manager class

Torre headlines Hall of Fame manager class - Yahoo News

Orlando (AFP) - Joe Torre, Bobby Cox and Tony La Russa were elected to the Major League Baseball's Hall of Fame on Monday under the expansion era ballot.

The three managers will be officially inducted into Cooperstown in July, 2014.

Torre is the most well known of the three managers to be enshrined and now serves as the executive vice president for baseball operations for Major League Baseball.

All three were the dominant figures in American baseball since the mid-1990s. They rank in the top five in manager wins, with well over 2,000 each on their resumes.

Torre is fifth on the all-time manager win list with 2,326 victories. La Russa is third with 2,728 wins and Cox is fourth with 2,504.

BaseballSports & RecreationJoe TorreMajor League BaseballTony La RussaBobby Cox

ECB to begin bank stress tests under new role

The eurozone has this year started to gradually emerge from its deep recession, which was sparked by a debt crisis made worse by huge bad property loans in Spain and other economies.
Berenberg Bank's Schulz said "borrowing costs ... in the periphery remain much higher than in the core of the eurozone and the hope is that further restoration of the banking sector will encourage banks to take on more risks again and lend more at lower rates".

The "comprehensive assessment" will look at "key risks", review the quality of bank assets and include "a stress test to examine the resilience of banks' balance sheets to stress scenarios", the ECB said.

Frankfurt (AFP) - The European Central Bank on Wednesday geared up for a year-long audit of the strength of big eurozone banks to withstand crisis, wielding new policing powers which hit bank shares hard.

ECB to 'stress test' big banks under new role - Yahoo News
However, he warned that while the banking union is meant to restore normal credit provisions, the lengthy ECB review "risks doing the opposite. Banks may stay away from any risky business even more to look as safe as possible for the new supervisor."
Bundesbank deputy president Sabine Lautenschlaeger said the process "will be a tour de force for German banks and their supervisors" but added that "the effort will be worthwhile, as the SSM will give us the opportunity of getting the best out of all supervisory cultures in the euro area".

The single supervisory mechanism (SSM) is part of Europe's banking union project, to be discussed further at a Brussels summit this week.
To crisis-proof banks, the ECB will require them to set aside eight percent of capital as buffers against financial shocks.

"Diligence is therefore again more important than speed."

"We expect that this assessment will strengthen private sector confidence in the soundness of euro area banks and in the quality of their balance sheets."
FinanceBanking & BudgetingDeutsche Bank
The exhaustive review will seek to sniff out risky loans and assets, insufficient capital and other dangers that would make banks more vulnerable to financial shocks.

Germany's Federal Financial Supervisory Authority (BaFin) praised the ECB's review, which will cover 24 banks that make up 65 percent of the German banking sector.
The ECB in late 2014 takes on the new role of single supervisor of banks in the eurozone, which will have 18 members from January when Latvia joins the currency bloc.

European banking shares were hit hard on the announcement, with traders wary of what might be exposed in asset tests that are expected to be more thorough than previous ones managed by national authorities.

"A successful exercise could complete the process of healing after the Lehman and eurozone crises."
"The assessment ensures that before the launch of ECB supervision there is transparency as to potential risks and burdens," said BaFin president Elke Koenig.

ECB president Mario Draghi called the asset review "an important step forward for Europe and for the future of the euro area economy".
Aside from building transparency and taking any necessary corrective actions, the exercise aims "to assure all stakeholders that banks are fundamentally sound and trustworthy".
Buffers against financial shocks
The ECB said it will start next month to check the balance sheets of 124 eurozone banks and "stress-test" them before it becomes the sector's supervisor late next year, part of the bloc's multi-pronged response to the eurozone debt crisis.
The list of banks accounts for 85 percent of the eurozone banking system and includes the sector's biggest names such as Deutsche Bank, BNP Paribas, UBS, ABN AMRO, Banco Santander and the Bank of Cyprus.

But for a sustained recovery to gain pace, banks would have to again boost lending at affordable rates to companies, small businesses and households, which they have been reluctant to do despite record-low ECB interest rates.
View gallery."European Central Bank (ECB) chief Mario Draghi talks ...European Central Bank (ECB) chief Mario Draghi talks during a press conference in Paris, on October ...

"Transparency will be its primary objective," he said in a statement.

The review will look at December 31, 2013 data and be carried out together with national authorities and supported by an external consulting firm.
In Germany, Deutsche Bank sank 1.84 percent and Commerzbank lost 2.86 percent. In London, RBS fell 2.93 percent.

Berenberg Bank senior economist Christian Schulz said "the exercise will increase transparency, trigger further balance sheet repair and restore confidence in the eurozone banking sector.